Shares in Just Eat, the online takeaway service, rose nearly 10% when it made its debut on the London stock market on Thursday, before falling back close to the IPO price.

The flotation valued the London-based company, which uses the slogan "give hunger the finger", at £1.47bn – more than 100 times underlying earnings of £14m. It is the biggest technology float on the London market for eight years.

The shares hit 285p but dropped back to 262p within the first hour of trading, just above the initial public offering price of 260p. The shares were priced at the top end of the 210p-260p IPO range. The company and investors have sold 138m shares, almost a quarter of its equity, to raise £360m.

The company said it will receive £100m from the offer, while the rest will go to its venture capital backers (SM Trust, Index Ventures, Vitruvian Partners, Redpoint Ventures and Greylock Partners), as well as senior management, employees and former staff, who are selling down their stakes as part of the flotation.

Just Eat is the first firm to list on the London Stock Exchange's high growth segment, where companies do not have to float as much of their equity as for a premium listing.

The company, which was founded in Denmark in 2001 but relocated to London five years later, will use the proceeds to fund further expansion and acquisitions. Its website and mobile apps handled more than 40m takeaway orders last year. Just Eat charges restaurants nearly 11% commission on each order placed, worth an average of £2.11 per order last year, and has more than 36,000 takeaways on its books.

Other recent flotations of internet companies have been popular with investors. AO World, the online domestic appliances retailer, and boohoo.com, the clothing website, both saw their shares surge well above their offer prices on their stock market debuts.